去年底，某上市公司高调发布增持公告，市场满心期待股价能借势上扬。可戏剧性的是，公告当日，该 股票便直逼跌停，此后股价更是一路下行，至今仍萎靡不振。这一极具讽刺意味的场景，如同一面镜 子，映照出当下 A 股市场一个亟待深思的问题：当"回购增持"从彰显价值的信号沦为市场套路，投资 者又该如何练就火眼金睛，辨别真伪？ 2026 年伊始，深市上市公司回购增持的热潮依旧汹涌。东诚药业（002675）、世纪华通（002602）纷 纷抛出亿元级别的回购计划；宁德时代、美的集团等行业龙头也大方晒出回购进展；英派斯控股股东更 是持续加快增持步伐。数据显示，截至 2025 年底，深市公司共披露回购增持计划 424 单，回购金额上 限超 800 亿元，增持金额上限超 300 亿元，规模堪称壮观。 在官方话语体系里，这些举动被赞誉为"以真金白银传递信心""筑牢公司投资价值根基""为资本市场健 康发展注入强大动力"。电子、生物医药、机械设备等行业成为回购主力军，龙头企业更是发挥着"定海 神针"的作用——美的集团累计回购超 100 亿元，宁德时代已回购近 44 亿元，成绩斐然。 一、真金投入还是"烟雾迷障"？ 然而，华丽数据背后，那起" ...

上市公司回购增持是"市场之手"与"企业之手"的有效联动。 深市上市公司回购增持计划呈现出重点行业聚力的态势。电子、生物医药、机械设备、电力设备领域公 司成为回购主力军，合计占比达40.97%；生物医药、机械设备、基础化工、家用电器领域公司成为增 持先锋队，合计占比达37.78%，充分体现了相关实体产业对发展前景的乐观预期。 其中，宁德时代公告，截至2025年底，公司以集中竞价交易方式累计回购1599.08万股，占公司同日A股 总股本的0.36%，成交总金额43.86亿元；美的集团累计回购2056.46万股，占总股本的0.27%，支付总金 额为15.1亿元；潍柴动力累计回购5025.25万股，占总股本的0.58%，支付总金额为7.61亿元；蓝思科技 公告累计回购740.96万股，占总股本的0.15%，支付总金额为2.15亿元。 第一财经记者获悉，去年，深市上市公司共披露回购增持计划424单。其中回购计划288单，回购金额上 限达827.25亿元；增持计划136单，增持金额上限达315.21亿元。自回购增持专项贷款落地以来，383家 公司及主要股东取得股票回购增持专项贷贷款承诺函，贷款额度共计829.81亿元。 ...

回购、增持是上市公司向市场传递发展信心、稳定股价、优化资本结构并维护股东权益的重要市场化手 段。2025年以来，深圳证券交易所市场(以下简称"深市")上市公司积极回应号召、立足自身发展，持续 掀起"真金白银"的回购增持热潮，不仅彰显了公司对自身价值的认可、对长期发展前景的坚定信心，更 向市场传递出积极稳健的信号、增强投资者信心，为资本市场健康发展注入强劲动力。 例如，家用电器龙头企业美的集团（000333）股份有限公司基于对公司未来发展前景的信心和公司价值 的认可，先后推出二期回购计划，用于注销减少注册资本、实施股权激励或员工持股计划，截至目前， 其已累计回购超100亿元，既提升股东权益，又绑定核心团队利益，进一步夯实企业长期发展基础。 再比如，电力设备龙头企业宁德时代（300750）新能源科技股份有限公司拟回购公司股份总额不低于40 亿元、不超过80亿元，用于实施股权激励或员工持股计划。据悉，截至目前，其已累计回购金额达 43.86亿元，彰显了产业雄心与价值共创发展格局。 此外，跨境回购成为新亮点，中集集团（000039）披露的《H股公告-翌日披露报表》及《关于部分A股 股份回购结果暨股份变动的公告》显示， ...

各行业龙头企业充分发挥"压舱石"作用，以大额回购、持续增持的实际行动引领市场风向。 2025年深市回购增持计划超千亿元。 近年来，在政策推动、企业积极向市场传递发展信心等因素下，深市上市公司回购股份、重要股东增持等行为持续常态化。 据统计，2025年全年深市全年共披露回购与增持计划424单，其中回购计划288单，回购金额上限达827.25亿元；增持计划136单，增持金额上 限达315.21亿元。 自回购增持专项贷款落地以来，383家公司及主要股东取得股票回购增持专项贷贷款承诺函，贷款额度共计829.81亿元。 从行业分布看，电子、生物医药、机械设备、电力设备领域公司成为回购主力军，合计占比达40.97%，生物医药、机械设备、基础化工、家 用电器领域公司成为增持先锋队，合计占比达37.78%，充分体现了相关实体产业对发展前景的乐观预期。 家用电器龙头企业美的集团（000333）基于对公司未来发展前景的信心和公司价值的认可，先后推出二期回购计划，用于注销减少注册资本、 实施股权激励或员工持股计划，截至目前，公司累计回购超100亿元，既提升股东权益，又绑定核心团队利益，进一步夯实企业长期发展基 础。 电力设备龙头企 ...

Group 1: Market Response and Confidence - Over 60 companies in the Shanghai Stock Exchange have collectively released positive signals through announcements regarding share buybacks and operational improvements [1] - Leading companies and shareholders are actively repurchasing shares to build market confidence, particularly in "hard technology" sectors where contract orders and R&D news are consistently positive [1] Group 2: Share Buyback Activities - Companies such as Xiangyuan Cultural Tourism and Yuyuan Holdings have initiated share buybacks, with Xiangyuan planning to spend between 80 million to 120 million yuan, having already repurchased 2.095 million shares for 15.63 million yuan [2] - Spring Airlines has accelerated its buyback, planning to spend 300 million to 500 million yuan, with a total of 71,800 shares repurchased for nearly 4 million yuan as of November 21 [2] - Huida Technology announced a buyback plan of 200 million to 400 million yuan, aiming to repurchase 0.35% to 0.69% of its total shares [2] Group 3: Central Enterprises' Actions - Central enterprises like Sinopec and China Communications have disclosed significant buyback and shareholding increases, with China Communications repurchasing 40.53 million shares for 607 million yuan [4] - Sinopec's buyback has been substantial, with 48.82 million shares repurchased for 270 million yuan prior to November, and 40.53 million shares for 500 million yuan in November alone [4] Group 4: Major Shareholder Increases - Three Gorges Energy reported that its controlling shareholder has increased its stake by 186 million shares, representing 0.65% of total shares, with a total investment of 796 million yuan [5] Group 5: Hard Technology Developments - At least 14 companies in the Sci-Tech Innovation Board have reported buyback progress and positive contract orders, indicating strong commitment [7] - JinkoSolar announced the mass production of its TigerNeo3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W [7] - Hillstone Networks has made progress in the development of its ASIC security chip, which has passed all functional and performance tests and is expected to begin mass sales in Q1 2026 [8]

Core Viewpoint - This week, 10 listed companies announced share buybacks and increases in shareholdings, with notable mention of Three Gorges Energy's controlling shareholder receiving a loan commitment of up to 2.7 billion yuan specifically for increasing its stake in the company [1][2]. Group 1: Companies Announcing Buybacks or Increases - Chongqing Pharmaceutical Holdings plans to repurchase shares worth 80 million to 100 million yuan, with a loan not exceeding 90 million yuan [2]. - Antong Holdings intends to increase its shareholding by 360 million to 720 million yuan [2]. - Renfu Pharmaceutical's shareholder received a loan commitment of 750 million yuan [2]. - ST Kelly's shareholder plans to increase its stake by no less than 14.39 million shares [2]. - Trina Solar has obtained a special loan commitment for stock repurchase [2]. - Suobede plans to repurchase shares worth 20 million to 30 million yuan for cancellation [2]. - Yanpai Co.'s controlling shareholder's concerted actor intends to increase holdings by 17 million to 34 million yuan [2]. - Hisense Home Appliances plans to continue increasing its holdings by 6.93 million to 13.86 million shares [2]. - Three Gorges Energy's controlling shareholder received a loan commitment of 2.7 billion yuan for shareholding increase [2]. - Xishan Technology's controlling shareholder plans to increase holdings by no less than 5 million yuan and no more than 10 million yuan [2].

Core Viewpoint - A total of 14 listed companies announced share buybacks or increases in shareholdings this week, with significant involvement of loans for these activities [1][2]. Group 1: Companies Announcing Buybacks or Increases - Kailong High-Tech plans to repurchase shares worth between 25 million to 50 million yuan, with a loan of 25 million yuan [2]. - Hunan Haili intends to repurchase between 8.38 million to 16.76 million shares, supported by a loan of 200 million yuan [2]. - Guangda Special Materials aims to repurchase shares worth between 200 million to 400 million yuan, with a loan not exceeding 360 million yuan [2]. - Dahao Technology's controlling shareholder plans to increase shareholdings by 50 million to 100 million yuan [2]. - Qianhong Pharmaceutical's actual controller intends to continue increasing holdings by no less than 12.4 million shares [2]. - Bluetian Gas's controlling shareholder plans to increase holdings by 100 million to 150 million yuan, with a loan not exceeding 135 million yuan [2]. - Aikedi plans to repurchase shares worth between 100 million to 200 million yuan [2]. - Sichuan Changhong intends to repurchase shares worth between 250 million to 500 million yuan, with a loan not exceeding 450 million yuan [2]. - Qizhong Technology plans to repurchase shares worth between 75 million to 150 million yuan [2]. - Oriental Bio's chairman proposed a repurchase of shares not exceeding 50 million yuan [2]. - Yunlu Co. plans for directors and senior management to collectively increase holdings by 4 million to 12 million yuan [2]. - Hongli Zhihui's controlling shareholder plans to increase holdings by 25 million to 50 million yuan, with a loan not exceeding 45 million yuan [2]. - Dongfang Shenghong's controlling shareholder intends to increase holdings by 500 million to 1 billion yuan, with a loan not exceeding 900 million yuan [2]. - Midea Group plans to repurchase shares worth between 5 billion to 10 billion yuan, with a loan not exceeding 9 billion yuan [2].

Group 1 - This week, 10 listed companies announced share buybacks and capital increase through special loans, including Weichai Power, which received a commitment letter for a buyback loan not exceeding 900 million yuan [1][2] - Weichai Power plans to repurchase shares amounting to 500 million to 1 billion yuan to cancel and reduce its registered capital [1][2] Group 2 - Jianyou Co. announced a buyback with loan support not exceeding 36 million yuan on May 22 [2] - Gongniu Group received a commitment letter for a buyback loan not exceeding 360 million yuan on May 22 [2] - Fenda Technology obtained a commitment letter for a buyback loan not exceeding 90 million yuan on May 21 [2] - Xingshuai Er received a commitment letter for a buyback loan not exceeding 34.55 million yuan on May 20 [2] - Hexing Packaging plans to repurchase shares between 50 million to 100 million yuan with a loan not exceeding 90 million yuan [2] - Anhui Construction's controlling shareholder received loan support not exceeding 180 million yuan for capital increase on May 23 [2] - Hubei Yihua's controlling shareholder obtained a commitment letter for a capital increase loan not exceeding 360 million yuan on May 22 [2] - Tunnel Co.'s controlling shareholder received loan support not exceeding 450 million yuan for capital increase on May 22 [2] - Shanghai Laishi's controlling shareholder plans to increase shares between 250 million to 500 million yuan with a loan not exceeding 450 million yuan [2]

Core Insights - The total amount of repurchase and increase loans in the A-share market has exceeded 120 billion yuan, indicating the significant role of this financial tool [1][2] - The People's Bank of China and other regulatory bodies have introduced a policy to support low-cost financing for listed companies and major shareholders [1][2] Group 1: Loan Details - As of May 19, 622 listed companies or major shareholders have obtained repurchase increase loans totaling approximately 120.76 billion yuan, accounting for 40.25% of the initial quota of 300 billion yuan [1] - The loans are part of a policy established in October 2024, with a total quota of 300 billion yuan and an annual interest rate of 1.75% [1][2] Group 2: Recent Developments - In May, 37 listed companies or major shareholders have received repurchase increase loans, with notable examples including Yunda Holdings and Siyuan Electric [1] - On May 7, the central bank announced an increase in the total quota for stock repurchase and increase loans to 800 billion yuan, while also reducing the interest rate on structural monetary policy tools to 1.5% [2] Group 3: Industry Impact - Companies in the chemical, hardware equipment, and pharmaceutical industries have shown high enthusiasm for utilizing these special loans [1] - Large-cap and industry-leading companies account for over 40% of the applications for repurchase increase loans, covering sectors such as petrochemicals, food and beverage, home appliances, new energy, and semiconductors [1]

Group 1 - A total of 622 listed companies or significant shareholders have obtained repurchase and increase loans, amounting to approximately 120.755 billion yuan as of May 19 [1] - The People's Bank of China and other regulatory bodies announced a relending program for stock repurchase and increase, with an initial quota of 300 billion yuan at an interest rate of 1.75% [1] - The total amount of repurchase and increase loans obtained by listed companies accounts for about 40.25% of the initial quota [1] Group 2 - Yunda Co., Ltd. plans to increase its shares by 100 million to 200 million yuan, supported by a loan commitment from China Bank of up to 180 million yuan [2] - The loan for share repurchase is capped at 90% of the total amount, with a maximum term of three years [2] - The use of repurchase and increase loans provides low-cost funding support for companies and shareholders [2][3] Group 3 - Many listed companies have shown high enthusiasm for share repurchase, with some using repurchased shares for employee stock ownership plans or equity incentive plans [3] - For instance, Siyuan Electric plans to repurchase shares worth between 300 million and 500 million yuan for cancellation to enhance investor confidence [3] Group 4 - Shunhao Co., Ltd. has announced an employee stock ownership plan funded by repurchased shares, with a purchase price of 2.78 yuan per share [4] - The company has completed the repurchase of approximately 28.6618 million shares, accounting for 2.704% of its total share capital [4] Group 5 - Share repurchase actions can increase capital inflow, enhance market activity and liquidity, and contribute to the healthy development of the capital market [5] - In 2024, A-share listed companies implemented a record high of 2.4 trillion yuan in dividends and 147.6 billion yuan in share repurchases [5][6] - The valuation level of A-shares remains relatively low, with the CSI 300 index's price-to-earnings ratio at 12.6 times, indicating further investment value [6]